Yesterday I talked about how home buyers expectations are very high, and their willingness to compromise is very low. And we looked at the 75 homes that have just recently gone under contract and are in escrow in Tucson Foothills. Those are the homes that buyers are choosing to buy right now, and presumably, they're the best of the best, because these days home buyers want it all.
As a follow up to that, I thought it would be worthwhile to look at the homes that have made it through escrow and the inspection period and have actually SOLD in the last 30 days in the Tucson Foothills.
A best of the best that have SOLD, and see if there are any glaring differences between them and those that just went under contract.
These SOLD transactions were initiated approximately 20 to 60 days ago, so they don't reflect with quite the same immediacy what buyers are thinking and choosing to buy at this moment.
But it's not ancient history either.
48 homes have SOLD in the last 30 days-
The 48 SOLD from $181,000 to $1,335,000
(the $181,000 sale was lender owned, and listed for $315,900, Ouch!. Worse yet, is that the former owner (before the lender took it over) paid $380K for this house in early 2006.
21 SOLD for $500,000 or less
23 SOLD for $500,001 to $999,999
4 SOLD for $1,000,000 or more
The average list price was $609,951,
The average SOLD price is $569,493, the median is $537,500
The SOLD average $/sq.ft is $199.49
The high SOLD $/sq.ft. is $304.11/sq.ft.
and low is $95.77/sq.ft. (from the lender owned $181,000 fire sale)
The SOLD homes are also located in dozens of different subdivisions throughout the Tucson Foothills;
Flecha Caida Ranch Est 2, Sabino Mountain, Catalina Foothills Est 7, Sunrise Presidio East, Encanto Canyon, Skyline Bel Air Est, Shadow Hills, Fairfields River Estates, Catalina Foothills Est 2, Alta Vista, Villages 2&4 At Villages Of La Paloma, Sunrise Mtn View Est, Canyon View Est, and more.
40 were built in 1999 or earlier
8 were built in 2000 or later
10 are in gated communities
38 are not
30 are under 3000sf
18 are 3000sf or more
The average DOM is 68
The highest DOM is 539
The lowest is 2 days on market
3 were listed as short sales, REO, bank owned or foreclosure.
Here's a link to the listings for the 48 SOLD homes
(this link will expire on 8/7/08, unless I remember to renew it, which I probably won't. If it does expire and you'd like to see the listings, send me an email and I'll renew it)
As you go through them you'll see all the pertinent information, including the list price, sold price, sf, SOLD $/sf, etc.
Looking at the numbers, the most glaring difference between those under contract (from yesterdays post) and those SOLD is the difference between the average list price of those currently under contract ($755,979) & and the average list price of those that have just SOLD, $609,951. A 23.9% difference.
The reason for this is that in the under contract category there are 12 homes priced at $1,000,000 +, while in the SOLD category there are just 4 homes that have sold at $1,000,000 +.
Those 12 million$+ homes are driving up the average list price.
And if all or even most of them close, they'll drive up the average SOLD price too.
But given the continuing turmoil in the financial markets, and the stock market, and everything else, it seems counterintuitive that the high-end would suddenly be selling at a (much) quicker clip.
I've got an idea or two on why this is, but I need to think about it a bit before I blurt it out. Meanwhile, I welcome your thoughts and theories on why the spike in high-end sales.
see my web site thefoothillsToday.com
to search for and learn more about Tucson Foothills Homes